National Australia Bank accused of ‘pushy’, ‘pressuring’ tactics in upcoming consumer class action

The National Australia Bank is notifying 400,000 customers of whether they are eligible to join a class action after being sold junk credit card and personal loan insurance.

Almost half a million Australians will find out if they are eligible to join a consumer credit class action against National Australia Bank over claims it ripped them off.

Legal firm Slater and Gordon will represent hundreds of thousands of disgruntled NAB customers, who were sold junk credit card and personal loan insurance that was of “little or no value”.

The class action comes after last year’s Banking Royal Commission alleged NAB engaged in unconscionable, misleading and deceptive conduct.

The case is set to be one of the largest court-ordered notices in Australian history.

Slater & Gordon spokesman Andrew Paull said more than 400,000 NAB customers would be contacted by the bnak today.

The case is set to be one of the largest class actions in Australian legal history. Picture: News Corp Australia

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Mr Paull said the bank was obligated to inform its customers that “this class action exists, that the bank is accused of contravening the law and telling them what they have to do to be involved”.

“If you are — or have been — a NAB customer in the past, keep an eye out for this letter which will advise you of how to register your interest in participating in the class action,” Mr Paull said.

“NAB knows that using pushy tactics and pressuring vulnerable customers into buying worthless insurance was wrong. They did it anyway, and collected millions of dollars in unwarranted premiums in the process.”

NAB customers will also be given the option of opting out of the class action if they wanted.

A NAB spokeswoman confirmed to News Corp today that notices about the class action had been distributed to customers.

“The notices provide those potential class members with information about the class action and their optionsm,” she said in a statement.

“We are here for our customers and encourage them to contact NAB directly if they have any questions in relation to their CCI policies on 1300 168 909.

“As the matter is now before the Court, we are unable to comment further on the class action.”

Originally published as National Australia Bank accused of ‘pushy’, ‘pressuring’ tactics in upcoming consumer class action